Monero (XMR) continues to make headlines in the cryptocurrency world as it trades in the green for the third consecutive day on Monday. The privacy coin has seen a surge in demand, leading to an uptrend in its price and aiming to reclaim its 200-day Exponential Moving Average (EMA). This positive momentum can be attributed to the increased demand from Qubic, which now controls over 51% of the Monero hashrate.
Monero, also known as the “king of privacy coins”, has been gaining popularity among investors and traders due to its strong focus on privacy and security. Unlike other cryptocurrencies, Monero uses advanced cryptography to ensure that all transactions are untraceable and unlinkable, making it nearly impossible to track the sender, receiver, and the amount involved in a transaction. This feature has made Monero a preferred choice for those who value their privacy and anonymity.
At the time of writing, Monero is trading at $120.63, up by 2.5% in the last 24 hours. This marks a significant increase from its recent low of $105.26 on August 27th. The privacy coin has been on an uptrend since then, and with the current momentum, it is expected to continue its upward trajectory.
One of the main factors contributing to Monero’s recent surge is the increased demand from Qubic, a leading mining pool that now controls over 51% of the Monero hashrate. This means that more miners are joining the network, leading to a higher hashrate and increased security for the Monero blockchain. This has also resulted in a higher demand for Monero, driving its price up.
Moreover, Qubic’s dominance in the Monero hashrate also brings stability to the network. With a majority control, Qubic can prevent any malicious attacks on the network, ensuring the safety and security of all transactions. This has further increased the confidence of investors and traders in Monero, leading to a surge in demand.
Monero’s aim to reclaim its 200-day EMA is also a positive sign for the privacy coin. The 200-day EMA is a key technical indicator used by traders to determine the long-term trend of an asset. Reclaiming this level would signal a bullish trend for Monero, attracting more investors and traders to the coin.
In addition to the increased demand from Qubic, Monero has also been making strides in the adoption of its technology. Recently, the privacy coin was integrated into the popular cryptocurrency hardware wallet, Ledger Nano S, making it more accessible to users. This move has also boosted Monero’s credibility and trust among investors and traders.
Furthermore, Monero has been gaining attention from mainstream media and financial institutions. With the growing concerns over privacy and data protection, Monero’s focus on anonymity has caught the eye of many. This has led to increased interest and investment in the privacy coin, further driving its price up.
In conclusion, Monero’s recent surge in price and demand is a testament to its strong fundamentals and growing adoption. With the increased demand from Qubic and its aim to reclaim its 200-day EMA, Monero is poised for further growth in the coming days. As more people become aware of the importance of privacy and security in the digital world, Monero is likely to see a surge in demand, making it a promising investment opportunity for the future.
